SL Green Sees Y-O-Y Gains in FFO, Income, Revenues

NEW YORK CITY-On several year-over-year measures—quarterly and 12-month funds from operations, quarterly net income, quarterly and yearly revenues and quarterly and 12-month same-store NOI—SL Green Realty Corp. Wednesday evening reported gains compared to the end of 2011. The results were “exceptional,” especially given the overhang of Hurricane Sandy, uncertainty over the election outcome and the fiscal cliff deadline that hung over the fourth quarter, CEO Marc Holliday said during a conference call Thursday afternoon.

Despite that uncertainty, the REIT managed to raise same-store occupancy at its Manhattan office properties by 50 basis points during Q4, Holliday said. The quarter was followed by a positive start to 2013, Holliday said Thursday: although January is normally a quiet month, this year it saw about 150,000 square feet of leasing across the SL Green portfolio. The REIT signed 321,622 square feet of leases in itsManhattan portfolio during Q4, and another 109,410 square feet in its suburban properties.